Join our daily newsletter At The Bell to receive exclusive market insights
- Leading digital health company ResApp Health (RAP) has received firm commitments to raise $5.5 million through a placement
- The company will issue over 94 million shares at 5.8 cents per share to institutional and sophisticated investors
- Funds from the placement will be used to provide ResApp with the financial flexibility to progress a number of initiatives
- Existing shareholder Fidelity International has agreed to invest $1.5 million, increasing its shareholding to 9.99 per cent
- Just before the market opens, ResApp traded at 6.8 cents per share
ResApp Health (RAP) has received firm commitments to raise $5.5 million through a placement.
The company will issue over 94 million shares at 5.8 cents per share to institutional and sophisticated investors.
Funds from the placement will be used to provide ResApp with the financial flexibility to progress a number of initiatives. These includes hiring key personnel and allowing the company to grow its commercial partnership pipeline.
Existing substantial shareholder, Fidelity International, has agreed to cornerstone the placement with $1.5 million investment. Once the placement completes, Fidelity International will hold 9.99 per cent of ResApp.
CEO and Managing Director Dr Tony Keating is pleased to have generated such a strong interest in the placement.
“I would like to welcome a number of new institutional investors to our
register and also express our thanks to our existing shareholders who have continued to support the company,” he said.
“Funds secured from the placement will provide ResApp with a very solid footing to execute on our commercial strategy in telehealth and emerging markets, continue to innovate in areas such as COVID-19 screening and management, and further expand the opportunity to provide solutions to large pharmaceutical companies for clinical trials and disease management,” he added.
Just before the market opens, ResApp traded at 6.8 cents per share.
